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Summit Financial Group Reports 2010 First Quarter Results

MOOREFIELD, W.Va., April 30, 2010 (GLOBE NEWSWIRE) -- Summit Financial Group, Inc. ("Company" or "Summit") (Nasdaq:SMMF) today reported first quarter 2010 net income applicable to common shares of $46,000, or $0.01 per diluted share, compared to 2009 first quarter net income of $1.77 million, or $0.24 per diluted share. Lower 2010 earnings reflect continued pressure from higher levels of nonperforming assets, requiring a larger loan loss provision and increasing levels of credit administration and regulatory expenses.

H. Charles Maddy III, President and Chief Executive Officer of Summit, commented, "We continue to see signs of the long-anticipated recovery in our market areas. There are signs of increasing activity in our northern Virginia real estate markets, primarily in the form of heightened investor interest. However, the volume of new residential construction activity has not yet been sufficient to have had a meaningful impact on property valuations, nor have we seen many deals actually completed.

"Like so many community banks, we have relied extensively on real estate lending to bolster growth and profits -- since this is how we can best serve our local businesses and retail customers. The recent declines in real estate activity and asset quality require that we refocus our strategies, and we have made substantial progress in several critical areas. Over the past year, we have transitioned to slower, or even negative, loan growth, lowered our portfolio risk, increased our reliance on retail deposits, and maintained our regulatory capital ratios in excess of "well-capitalized" levels. Year-over-year, loan growth declined by nearly $80 million, with substantial reductions in construction and development loans outstanding; retail deposits increased by $77 million, allowing us to pay down higher-priced wholesale funding; and lastly, we have been working hard to reduce our controllable expenses to partially offset the higher costs associated with increased levels of problem assets. Our operations continue to gain efficiencies, which should position us favorably in future quarters."

Results from Operations

Total revenue, consisting of net interest income and noninterest income, was $12.7 million for the first quarter of 2010, a decline of 7.5 percent from the $13.8 million generated in the prior-year first quarter. Net interest income was $10.2 million, down 9.7 percent, or $1.1 million, from the 2009 first quarter. A 7.0 percent year-over-year decline in average earning assets, to $1.45 billion for the 2010 first quarter, was the primary factor impacting net interest income, combined with a four basis point contraction in the net interest margin, to 3.00 percent. Compared to the fourth quarter 2009 net interest margin of 2.83 percent, the current quarter improvement was 17 basis points, or 6.0 percent. Mr. Maddy pointed out that Summit's net interest margin has remained relatively stable at three percent over the past year, despite higher levels of nonaccruing loans, and should remain at approximately this same level throughout 2010.

Noninterest income for the first quarter of 2010 on a GAAP basis was $2.52 million compared to $2.44 million for the 2009 first quarter, up 3.2 percent. Excluding nonrecurring items aggregating $235,000 in the first quarter of 2010 and $41,000 for the year-ago quarter, which for both quarters consisted of gains from the sale of securities and other-than-temporary impairment ("OTTI") charges on securities, 2010 noninterest income from operations declined by $118,000, or 4.9 percent, to $2.28 million. The $135,000 decline in insurance premiums from Summit's insurance agency subsidiary was the primary factor contributing to lower noninterest income as employers curtailed benefits spending during the current recession.

The provision for loan losses was $5.35 million for the first quarter of 2010 compared to $4.0 million and $6.83 million, respectively, for the 2009 first and fourth quarters. Summit continues to build reserves to reflect a higher level of nonperforming loans compared to the year-ago level, as well as a higher level of net loan charge-offs: $4.5 million this past quarter compared to $3.67 million for the 2009 fourth quarter and a net recovery of $1.06 million for the year-ago quarter. At March 31, 2010, the loan loss reserve was1.58 percent of total loans compared with 1.47 percent and 1.82 percent at December 31, 2009 and March 31, 2009, respectively.

Noninterest expense for the 2010 first quarter was $7.6 million, down $141,000, or 1.8 percent, from the $7.75 million reported in the year-ago quarter. Costs associated with the problem credit administration, namely, property taxes, insurance, appraisals and collection costs increased to $232,000 for the first three months of 2010 compared to $55,000 during the same period last year, while FDIC premiums were $825,000 in the first quarter of 2010, $442,000 higher compared to the year-ago period. Summit partially offset rising credit and regulatory costs through disciplined control of overhead expenses; salaries and benefits, occupancy, and equipment expense together decreased by $571,000, or 10.5 percent, year over year.

Balance Sheet

As of March 31, 2010, total assets were $1.54 billion, a decline of approximately $48.1 million, or 3.0 percent, from December 31, 2009; over the past twelve months, assets declined by $62.5 million, or 3.9 percent. Total loans, net of unearned interest and fees, were $1.13 billion at March 31, 2010, down $24.0 million, or 2.1 percent, from the $1.15 billion reported at year-end 2009, and $77.7 million, or 6.4 percent lower than the year-ago quarter-end. Commercial real estate ("CRE") loans comprised the largest loan category -- 40 percent of loans outstanding at March 31, 2010, while residential real estate loans contributed an additional 33 percent share. Whereas commercial, CRE and residential real estate loans outstanding all registered relatively modest declines over the past twelve months (down 5.6 percent, 0.7 percent and 2.5 percent, respectively), construction and development ("C&D") loans, currently at $151.3 million, or 13 percent of the 2010 loan portfolio, was the only category to have registered significant declines year-to-date (down $10.8 million or 6.7 percent), and over the past twelve months (down $60.6 million, or 28.6 percent), primarily through a combination of loan charge-offs and foreclosures.

Although total assets declined since year-end 2009 and for the past twelve months, retail deposits remained relatively unchanged since December 31, 2009, and increased substantially over the past twelve months, allowing Summit to reduce the level of wholesale borrowings and long-term debt. Retail deposits were $776.3 million as of March 31, 2010, up $0.7 million or 0.10 percent compared to December 31, 2009, but higher by $77.2 million, or 11.0 percent compared to the year-ago quarter. Savings account balances were still the fastest growth category, but at a lesser rate than in 2009 -- up $9.9 million, or 5.2 percent, from 2009 year-end compared to growth of $104 million, or 110 percent, since the prior-year first quarter.

While retail deposits have been stable since year-end 2009, short-term wholesale funding vehicles declined by a total of $29.3 million: brokered deposits by $7.0 million (down 2.9 percent), to $234.8 million, and short-term FHLB borrowings by $22.3 million (down 44.8 percent), to $27.5 million. In addition, Summit reduced long-term FHLB advances by $20.2 million.

Asset Quality

Nonperforming assets ("NPAs") at March 31, 2010 were $106.4 million, or 6.9 percent of total assets, compared to $107.5 million (6.8 percent of total assets) and $87.4 million (5.5 percent of total assets), respectively, for December 31 and March 31 of 2009. Nonperforming assets decreased by $1.1 million from 2009 year-end, but were higher by $19.0 million, or 21.7 percent, compared to March 31, 2009. C&D and CRE credits continue to account for the majority of problem assets, $57.9 million and $39.0 million, respectively, at March 31, 2010 compared to $50.1 million and $26.7 million for the year-ago quarter.

Nonperforming loans were $55.5 million at March 31, 2010, down $11.4 million from 2009 year-end, with CRE accounting for $33.9 million and C&D loans accounting for $16.7 million. Much of the problem loan improvement can be attributed to the ongoing transition to OREO as Summit has progressed through the workout cycle. First quarter 2010 OREO was $50.6 million, up $10.3 million from the linked-quarter, with CRE properties accounting for $5.1 million and C&D properties for $41.3 million.

Nonperforming residential real estate assets were $8.4 million at March 2010 quarter-end, divided evenly between nonperforming loans and repossessed properties. The commercial loan portfolio has few problem loans – approximately $0.5 million on outstandings of $122 million.

At March 31, 2010, net loan charge-offs were $4.5 million, or 1.57 percent of average loans annualized, compared to $3.7 million (1.25 percent annualized) and a recovery of $1.1 million, respectively, for the 2009 fourth and first quarters. This compares with a provision for loan losses of $5.4 million for the 2010 quarter. As a result, the allowance for loan losses increased by $843,000 this past quarter, to $17.8 million or 1.58 percent of March 31, 2010 loans compared to 1.47 percent at December 31, 2009.

Capital Adequacy

Shareholders' equity at March 31, 2010 was $90.5 million compared to $83.6 million at March 31, 2009. The Bank continues to exceed regulatory standards for a "well capitalized" institution and is in compliance with all regulatory capital requirements, as its Total risk-based capital ratio was 11.90 percent, while its Tier 1 leverage capital ratio was 8.11 percent at March 31, 2010. Total common shares outstanding as of March 31, 2010 were 7,425,472.

In conclusion, Mr. Maddy referred to the groundwork Summit laid in 2009. "The hard lessons learned through this downturn should position us for higher performance in future quarters. Our results should reflect these improvements as the year progresses and the economy returns to a more normal state."

About the Company

Summit Financial Group, Inc., a financial holding company with total assets of $1.6 billion, operates fifteen banking locations through its wholly-owned community bank, Summit Community Bank, headquartered in Moorefield, West Virginia. Summit also operates Summit Insurance Services, LLC headquartered in Moorefield, West Virginia.

The Summit Financial Group, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2990

FORWARD-LOOKING STATEMENTS

This press release contains comments or information that constitute forward-looking statements (within the meaning of the Private Securities Litigation Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Words such as "expects", "anticipates", "believes", "estimates" and other similar expressions or future or conditional verbs such as "will", "should", "would" and "could" are intended to identify such forward-looking statements.

Although we believe the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially. Factors that might cause such a difference include changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking laws and regulations; changes in tax laws; the impact of technological advances; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; and changes in the national and local economies. We undertake no obligation to revise these statements following the date of this press release.

NON-GAAP FINANCIAL MEASURES

This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles in the United States of America ("GAAP"). Specifically, Summit adjusted GAAP performance measures to exclude the effects of realized and unrealized securities gains and losses included in its Statements of Income. Management deems these items to be unusual in nature and believes presentations of financial measures excluding the impact of these items provide useful supplemental information that is important for a proper understanding of the operating results of Summit's core business. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

       
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)      
Quarterly Performance Summary -- Q1 2010 vs Q1 2009      
     
   For the Quarter Ended   Percent 
Dollars in thousands  3/31/2010 3/31/2009  Change 
Condensed Statements of Income       
Interest income       
Loans, including fees   $ 17,040  $ 18,254 -6.7%
Securities   3,594  4,737 -24.1%
Other   11  -- n/a
Total interest income   20,645  22,991 -10.2%
Interest expense       
Deposits   5,498  6,620 -16.9%
Borrowings   4,915  5,035 -2.4%
Total interest expense   10,413  11,655 -10.7%
Net interest income   10,232  11,336 -9.7%
Provision for loan losses   5,350  4,000 33.8%
Net interest income after provision for loan losses   4,882  7,336 -33.5%
Noninterest income       
Insurance commissions   1,209  1,344 -10.0%
Service fee income   707  736 -3.9%
Realized securities gains (losses)   264  256 3.1%
Other-than-temporary impairment of securities   (29)  (215) -86.5%
Other income   365  319 14.4%
Total noninterest income  2,516  2,440 3.1%
Noninterest expense       
Salaries and employee benefits  3,723  4,279 -13.0%
Net occupancy expense  521  597 -12.7%
Equipment expense  629  568 10.7%
Professional fees  274  334 -18.0%
FDIC premiums  825  383 115.4%
Other expenses  1,638  1,590 3.0%
Total noninterest expense  7,610  7,751 -1.8%
Income before income taxes   (212)  2,025 -110.5%
Income taxes   (332)  260 -227.7%
Net Income   120  1,765 -93.2%
Preferred stock dividends   74  --  n/a 
Net income applicable to common shares  $ 46  $ 1,765 -97.4%
     
     
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)    
Quarterly Performance Summary -- Q1 2010 vs Q1 2009    
     
   For the Quarter Ended   Percent 
  3/31/2010 3/31/2009  Change 
 Per Share Data       
 Earnings per share from continuing operations       
 Basic   $ 0.01  $ 0.24 -95.8%
 Diluted   $ 0.01  $ 0.24 -95.8%
       
 Average shares outstanding       
 Basic   7,425,472  7,415,310 0.1%
 Diluted   7,425,472  7,435,510 -0.1%
       
 Performance Ratios       
 Return on average equity  0.20% 7.94% -97.5%
 Return on average assets  0.01% 0.43% -97.7%
 Net interest margin  3.00% 3.04% -1.3%
 Efficiency ratio - continuing operations (A)  57.78% 54.63% 5.8%

NOTE: (A) – Computed on a tax equivalent basis excluding nonrecurring income and expense items and amortization of intangibles.

         
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)        
Five Quarter Performance Summary          
   For the Quarter Ended 
 Dollars in thousands  3/31/2010 12/31/2009 9/30/2009 6/30/2009 3/31/2009
 Condensed Statements of Income           
 Interest income           
 Loans, including fees   $ 17,040  $ 17,480  $ 18,061  $ 18,050  $ 18,254
 Securities   3,594  3,882  4,351  4,710  4,737
 Other   11  6  5  1  --
 Total interest income   20,645  21,368  22,417  22,761  22,991
 Interest expense           
 Deposits   5,498  5,878  6,094  6,358  6,620
 Borrowings   4,915  5,286  5,427  5,296  5,035
 Total interest expense   10,413  11,164  11,521  11,654  11,655
Net interest income   10,232  10,204  10,896  11,107  11,336
Provision for loan losses   5,350  6,825  4,000  5,500  4,000
Net interest income after provision for loan losses   4,882  3,379  6,896  5,607  7,336
Noninterest income           
 Insurance commissions   1,209  1,164  1,254  1,283  1,344
 Service fee income   707  878  859  857  736
 Realized securities gains (losses)   264  773  428  39  256
 Other-than-temporary impairment of securities   (29)  (383)  --  (4,768)  (215)
 Other income   365  437  291  247  319
Total noninterest income  2,516  2,869  2,832  (2,342)  2,440
 Noninterest expense           
 Salaries and employee benefits  3,723  3,459  3,862  4,308  4,279
 Net occupancy expense  521  484  484  466  597
 Equipment expense  629  529  527  527  568
 Professional fees  274  342  330  403  334
 FDIC premiums  825  935  660  1,245  383
 Other expenses  1,638  1,822  2,004  1,760  1,590
Total noninterest expense  7,610  7,571  7,867  8,709  7,751
 Income (loss) before income taxes   (212)  (1,323)  1,861  (5,444)  2,025
 Income taxes   (332)  (889)  458  (1,994)  260
 Net income (loss)   120  (434)  1,403  (3,450)  1,765
 Preferred stock dividends   74  74  --  --  --
Net income (loss) applicable to common shares  $ 46  $ (508)  $ 1,403  $ (3,450)  $ 1,765
           
           
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)          
Five Quarter Performance Summary          
   For the Quarter Ended 
  3/31/2010 12/31/2009 9/30/2009 6/30/2009 3/31/2009
 Per Share Data           
 Earnings per share           
 Basic   $ 0.01  $ (0.07)  $ 0.19  $ (0.47)  $ 0.24
 Diluted   $ 0.01  $ (0.07)  $ 0.19  $ (0.46)  $ 0.24
           
 Average shares outstanding           
 Basic   7,425,472  7,425,472  7,425,472  7,419,974  7,415,310
 Diluted   7,425,472  7,425,472  7,432,584  7,431,969  7,435,510
           
 Performance Ratios           
 Return on average equity  0.20% -2.21% 6.49% -16.13% 7.94%
 Return on average assets  0.01% -0.13% 0.35% -0.86% 0.43%
 Net interest margin  3.00% 2.83% 2.99% 3.00% 3.04%
 Efficiency ratio - (A)  57.78% 57.33% 56.27% 56.50% 54.63%

NOTE: (A) – Computed on a tax equivalent basis excluding nonrecurring income and expense items and amortization of intangibles.

           
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)          
Selected Balance Sheet Data          
   For the Quarter Ended 
Dollars in thousands, except per share amounts  3/31/2010 12/31/2009 9/30/2009 6/30/2009 3/31/2009
Assets           
Cash and due from banks  $ 5,163  $ 6,813  $ 4,415  $ 4,281  $ 15,358
Interest bearing deposits other banks  9,032  34,247  6,195  10,505  114
Securities  262,566  271,654  285,156  289,267  295,706
Loans, net  1,112,526  1,137,336  1,156,432  1,165,653  1,186,042
Property held for sale  50,562  40,293  31,193  20,435  7,807
Intangible assets  9,265  9,353  9,441  9,529  9,617
Other assets  87,382  84,929  84,961  84,240  84,324
Total assets  $ 1,536,496  $ 1,584,625  $ 1,577,793  $ 1,583,910  $ 1,598,968
Liabilities and Shareholders' Equity          
Retail deposits  $ 776,251  $ 775,524  $ 702,785  $ 705,953  $ 699,065
Brokered time deposits  234,785  241,814  267,237  248,271  256,293
Short-term borrowings  27,456  49,739  73,733  104,718  120,480
Long-term borrowings and subordinated debentures  397,724  417,881  433,037  432,391  430,687
Other liabilities  9,746  9,007  9,064  8,824  8,839
Shareholders' equity  90,534  90,660  91,937  83,753  83,604
Total liabilities and shareholders' equity  $ 1,536,496  $ 1,584,625  $ 1,577,793  $ 1,583,910  $ 1,598,968
           
Book value per common share (A)  $ 11.18  $ 11.19  $ 11.35  $ 11.28  $ 11.27
Tangible book value per common share (A)  $ 10.03  $ 10.04  $ 10.18  $ 10.00  $ 9.98
Tangible equity / Tangible assets 5.3% 5.2% 5.3% 4.7% 4.7%

NOTE: (A) – Assumes conversion of convertible preferred stock

         
SUMMIT FINANCIAL GROUP INC. (NASDAQ: SMMF)        
Loan Composition          
           
Dollars in thousands 3/31/2010 12/31/2009 9/30/2009 6/30/2009 3/31/2009
Commercial  $ 121,514  $ 122,508  $ 125,743  $ 126,661  $ 128,707
Commercial real estate  456,120  465,037  457,669  459,671  452,987
Construction and development  151,281  162,080  176,783  183,733  211,849
Residential real estate  370,713  372,867  376,440  376,019  380,351
Consumer  26,974  28,203  29,555  30,179  30,201
Other  5,685  5,652  6,087  5,760  6,133
Total loans  1,132,287  1,156,347  1,172,277  1,182,023  1,210,228
Less unearned fees and interest  1,918  2,011  1,997  2,065  2,190
Total loans net of unearned fees and interest  1,130,369  1,154,336  1,170,280  1,179,958  1,208,038
Less allowance for loan losses  17,843  17,000  13,848  14,305  21,996
Loans, net  $ 1,112,526  $ 1,137,336  $ 1,156,432  $ 1,165,653  $ 1,186,042
         
         
SUMMIT FINANCIAL GROUP INC. (NASDAQ: SMMF)        
Retail Deposit Composition        
           
Dollars in thousands 3/31/2010 12/31/2009 9/30/2009 6/30/2009 3/31/2009
Non interest bearing checking  $ 71,100  $ 74,119  $ 68,929  $ 69,878  $ 70,483
Interest bearing checking  148,657  148,587  154,683  152,498  155,157
Savings  198,303  188,419  115,767  105,828  94,294
Time deposits  358,191  364,399  363,406  377,749  379,131
Total retail deposits  $ 776,251  $ 775,524  $ 702,785  $ 705,953  $ 699,065
 
 
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
Asset Quality Information
   For the Quarter Ended 
 Dollars in thousands  3/31/2010 12/31/2009 9/30/2009 6/30/2009 3/31/2009
           
Gross loan charge-offs  $ 4,606  $ 3,864  $ 4,586  $ 13,288  $ 522
Gross loan recoveries  (99)  (192)  (127)  (98)  (1,585)
Net loan charge-offs  $ 4,507  $ 3,672  $ 4,459  $ 13,190  $ (1,063)
           
Net loan charge-offs to average loans (annualized) 1.57% 1.25% 1.51% 4.37% -0.35%
           
Allowance for loan losses  $ 17,843  $ 17,000  $ 13,848  $ 14,305  $ 21,996
Allowance for loan losses as a percentage of period end loans 1.58% 1.47% 1.18% 1.21% 1.82%
           
Nonperforming assets:          
Nonperforming loans          
Commercial  $ 511  $ 431  $ 431  $ 680  $ 637
Commercial real estate  33,907  35,217  22,684  23,287  25,788
Construction and development  16,686  26,328  27,084  29,508  45,194
Residential real estate  4,220  4,563  8,578  8,116  7,933
Consumer  209  403  75  107  31
Total nonperforming loans  55,533  66,942  58,852  61,698  79,583
Foreclosed properties          
Commercial real estate  5,086  4,788  4,873  4,561  961
Construction and development  41,261  32,258  25,278  14,904  6,726
Residential real estate  4,215  3,247  1,042  970  120
Total foreclosed properties  50,562  40,293  31,193  20,435  7,807
Other repossessed assets  291  269  1  11  17
Total nonperforming assets  $ 106,386  $ 107,504  $ 90,046  $ 82,144  $ 87,407
           
Nonperforming loans to period end loans 4.90% 5.79% 5.02% 5.22% 6.58%
Nonperforming assets to period end assets 6.92% 6.78% 5.71% 5.19% 5.47%
 
 
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
Average Balance Sheet, Interest Earnings & Expenses and Average Rates
Q1 2010 vs Q1 2009
  Q1 2010 Q1 2009
Dollars in thousands Average
Balances
Earnings /
Expense
Yield /
Rate
Average
Balances
Earnings /
Expense
Yield /
Rate
             
ASSETS            
Interest earning assets            
Loans, net of unearned interest            
Taxable  $ 1,145,202  $ 16,957 6.01%  $ 1,202,666  $ 18,146 6.12%
Tax-exempt  6,685  126 7.64%  7,954  162 8.26%
Securities            
Taxable  252,500  3,328 5.35%  298,157  4,224 5.75%
Tax-exempt  41,797  689 6.69%  46,040  777 6.84%
Interest bearing deposits other banks and Federal funds sold  339  11 13.16%  292  -- 0.00%
Total interest earning assets  1,446,523  21,111 5.92%  1,555,109  23,309 6.08%
             
Noninterest earning assets            
Cash & due from banks  15,645      17,376    
Premises & equipment  24,146      22,720    
Other assets  84,777      47,453    
Allowance for loan losses  (18,274)      (19,367)    
Total assets  $ 1,552,817      $ 1,623,291    
             
LIABILITIES AND SHAREHOLDERS' EQUITY          
             
Liabilities            
Interest bearing liabilities            
Interest bearing demand deposits  $ 146,700  $ 173 0.48%  $ 153,938  $ 195 0.51%
Savings deposits  194,828  691 1.44%  75,096  341 1.84%
Time deposits  595,837  4,634 3.15%  646,913  6,084 3.81%
Short-term borrowings  44,966  57 0.51%  152,181  211 0.56%
Long-term borrowings and subordinated debentures  400,687  4,858 4.92%  423,764  4,824 4.62%
   1,383,018  10,413 3.05%  1,451,892  11,655 3.26%
Noninterest bearing liabilities            
Demand deposits  70,569      74,492    
Other liabilities  7,872      8,017    
Total liabilities  1,461,459      1,534,401    
             
Shareholders' equity  91,358      88,890    
Total liabilities and shareholders' equity  $ 1,552,817      $ 1,623,291    
             
NET INTEREST EARNINGS    $ 10,698      $ 11,654  
             
NET INTEREST YIELD ON EARNING ASSETS   3.00%     3.04%
 
 
SUMMIT FINANCIAL GROUP, INC. (NASDAQ: SMMF)
Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures
     
   For the Quarter Ended 
 Dollars in thousands  3/31/2010 3/31/2009
     
Net income - excluding securities gains/losses   $ (102)  $ 1,739
     
Securities gains/losses   235  41
Applicable income tax effect   (87)  (15)
   148  26
GAAP net income   $ 46  $ 1,765
     
Diluted earnings per share -- 
excluding securities gains/losses and change
in fair value of interest rate swaps 
 $ (0.01)  $ 0.23
     
Securities gains/losses   0.03  0.01
Applicable income tax effect   (0.01)  -- 
   0.02  0.01
GAAP diluted earnings per share   $ 0.01  $ 0.24
     
Total revenue - excluding securities gains/losses   $ 12,513  $ 13,735
     
Securities gains/losses   235  41
GAAP total revenue   $ 12,748  $ 13,776
     
Total noninterest income - excluding securities gains/losses   $ 2,281  $ 2,399
     
Securities gains/losses   235  41
GAAP total noninterest income   $ 2,516  $ 2,440
CONTACT:  Summit Financial Group, Inc.
          Robert S. Tissue, Sr. Vice President & CFO
          (304) 530-0552
          rtissue@SummitFGI.com

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